What's Going On With Iovance Biotherapeutics Stock?

Zinger Key Points
  • The FDA has approved Iovance to begin analytical testing and manufacturing of AMTAGVI at its Philadelphia site.
  • Iovance also announced the pricing of an underwritten offering of 23,014,000 shares of its common stock.

Iovance Biotherapeutics Inc IOVA shares are trading higher Tuesday amid several developments. Here’s a look at what you need to know.

What To Know: WuXi Advanced Therapies announced Tuesday that the U.S. Food and Drug Administration (FDA) approved it to begin analytical testing and manufacturing of AMTAGVI for Iovance Biotherapeutics at its Philadelphia site. AMTAGVI received accelerated approval of its BLA on Feb. 16.

WuXi’s site is set to become the first third-party contract testing, development and manufacturing organization to be approved by the FDA to support commercial manufacturing of an individualized T cell therapy for a solid tumor cancer.

“The accelerated approval of AMTAGVI™ is the first step in realizing Iovance’s ambition to usher in the next generation of cell therapy by bringing this breakthrough to patients with advanced solid tumors,” said Frederick Vogt, interim CEO and president of Iovance.

Iovance also announced on Tuesday the pricing of an underwritten offering of 23,014,000 shares of its common stock at a price of $9.15 per share. The company anticipates gross proceeds of approximately $211 million.

Iovance intends to use the proceeds from the offering to support the commercial launch of AMTAGVI, to fund ongoing clinical programs and to continue the development of its pipeline candidates.

Chardan Capital analyst Geulah Livshits maintained Iovance with a Buy rating on Tuesday and raised the price target from $29 to $34.

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IOVA Price Action: Iovance shares were up 22.1% at $11.16 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.

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